Can owning 1 Bitcoin make you rich in 2023? - page 7.

Strongkored

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom?

You will get financial freedom if you invest as soon as possible, saving will only save your money for a while, but by investing in the right form, you will have more opportunities to be able to live a quieter life in old age, but unfortunately many think financial freedom is when you can live in luxury
Investing in Bitcoin can be an option, if you can't buy large amounts then you can use the DCA method.

Quote from: Bureau on April 11, 2023, 10:34:54 AM

What exactly does financial freedom means in context of Bitcoin?

I think this is the same as investing in other forms, being able to provide regular income without having to work hard.

LittleBitFunny

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Quote from: dr.cheema on April 11, 2023, 05:00:17 PM

Quote from: uneng on April 11, 2023, 03:26:58 PM

No, 1 BTC won't be enough to become rich. Imagine you don't have any properties and goods and that you have to build your entire financial life with just 1 Bitcoin. The maximum you will be able to acquire with that money is a house or a car. Then how are you going to get rich this way? From where are you going to get money to maintain a house or a car? How will you generate income for a living? A single Bitcoin isn't enough, even if you live on the poorest nation in the world, I suppose...

1 BTC is helpful as a powerful booster to start an investment thinking on your future, but it won't raise your financial class status. You need much more money in every cases!

It is true that having just one Bitcoin is not enough to become wealthy overnight. While Bitcoin has appreciated significantly in value over the years, its price is still subject to volatility and is influenced by a range of factors, including market demand, regulatory changes, and technological developments.
That being said, owning Bitcoin or other cryptocurrencies can be a valuable part of a diversified investment portfolio and may offer potential for long-term growth. As with any investment, it is important to do your own research, understand the risks involved, and seek professional advice before making any investment decisions.

As of right now, the value of 1 Bitcoin is around $30k, so that's a lot of money if you're from a third world country. It's true that that amount of money can't make us rich, but if we can hold it until 200k or 500k, then you can be financially free with 1 BTC there. I mean, besides you can buy a house, a car... you still have a huge amount of money to start your other businesses. Don't forget 10 years ago, 1 BTC was nothing, but now it's worth $30k, so 10 years from now, you won't be able to own 1 BTC.

John Abraham

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?

It depends on where you are living. If you live in a country where the average salary is lower than the rest of the world, Take an African county, for example. One Bitcoin is colossal money there. If you can buy one Bitcoin and you live in an African country. You are already considered a rich guy. But, If you live in a country like the US, UK, or Canada. Probably it's not that much.

I won't say one Bitcoin will make you rich in 2023. But nobody indeed knows when we will see a bull run. We are at the $30ish price range now, and I already consider it a bull run. The Halving is heading next year. A lot of people expect a bull run after that. Because according to the previous pattern, We see a new ATH after every Halving. It may take more than a year after the Halving. Let's say we may see another ATH in 2025. Nothing is guaranteed. That's just speculation and assumption.

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Quote from: stompix on April 11, 2023, 11:13:42 AM

The rule of investment in risky assets is that you should only invest the amount you can afford to lose, so do you have $30k that you can afford to lose overnight?
It's not the fact that BTC would go to zero, that's a long gone fear, but there are other risks involved, so to make a really long story short, someone who can afford 30k is not something who will dramatically have his life changed if BTC goes to $300k let's say. Slide the bar to BTC to $1 mil, and things change, now it's also a thing of how much can you afford not only to invest, but also how much you can wait for your dream!

Realistically, how long will it take for the price to reach one million? Leaving aside crazy predictions that it will reach it in a few months, it is normal to think at least 2 cycles, and more realistically I would say 3. You also have to think about what you will be able to buy with a million by then, which will be considerably less than now. If you have been able to afford to buy a bitcoin now, and you can afford to wait so long without selling, even if you benefit from the revaluation, it is not going to radically change your life.

Ronsbit

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Quote from: Obari on April 11, 2023, 03:30:32 PM

You have to understand that Bitcoin isn't a get rich scheme and since you're now wanting to own Bitcoin, that's if you haven't gotten any now, I would say that, owning Bitcoin helps to fight government control over money since Bitcoin is decentralized digital currency which is controlled by just the owner.
On the long run, financial freedom all depends on your definition of it but owning one Bitcoin is already a great achievement and if the price of Bitcoin rises to a new all time high, then it is certain that you should be making twice the money you invested Wich is you're expected to $60k that's if you bought at $30k.
I think you should always do your own research (DYOR).

There is nothing wrong in getting reach though but OP must understand that getting rich is not a day task and can not be achieved just holding fractions of bitcoin. Although OP can accumulate bitcoin gradually as it pleases OP to his or her satisfaction.

OP, let me correct an impression, owning bitcoin gives you control over your finance and assets and does not help to fight the government. Do you think you can fight the government.

goldkingcoiner

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No matter where you live, 1 BTC in 2023 is not going to make you rich unless Bitcoin goes up to a million usd in price within this year. There is no real point in debating this, I would think.

If you are thinking of trading (buying low and selling high), then yes, technically if you trade, your profits will gain more profits and so on and so forth but that is assuming you do not make losses, meaning you make perfect trades.

You could also invest your 1 BTC into your own business and miraculously get rich. But we are talking about the potential of 1 BTC, not 1 BTC itself.

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Quote from: dr.cheema on April 11, 2023, 05:00:17 PM

It is true that having just one Bitcoin is not enough to become wealthy overnight. While Bitcoin has appreciated significantly in value over the years, its price is still subject to volatility and is influenced by a range of factors, including market demand, regulatory changes, and technological developments.

I disagree because nobody can predict the actual value that Bitcoin can rise to. Who knows maybe one day we'll be able to see Bitcoin trading at one millions dollars or even more higher values than that amount.

If you own just one Bitcoin when this price is reaches then you would have become a millionaire immediately and that means you're rich. It doesn't matter what amount of Bitcoin you hold but how patient you can wait.

The price might be looking impossible but I'm not saying this will happen tomorrow, we have to wait years maybe decade but at a time we'll be buying one Bitcoin in their millions and if you're willing to hold, you'll also become rich.

SatoPrincess

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?

Welcome to the forum. When we talk about financial freedom in relation to bitcoin, we are not referring to ROI that made us rich, we find Bitcoin appealing gives you the freedom to be your own bank, no third parties, no drawbacks, no limits.
It takes money to make money, if your dream is to drive a Ferrari, live in a nice house and go on vacations you will have to risk investing a significant amount of money in buying bitcoin and hodl till the price goes up.

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?

How can you define in yourself the financial freedom that you wanted or might one of us want?
IMO, this financial freedom means having enough passive income to cover your living expenses without having to work for it actively. So it means you need to have a stable job to have a stable source of income. That's the real meaning of financial freedom.

Bitcoin isn't a magic solution to financial freedom.
It's just one tool that you can use to achieve your financial goals. You still need to have a solid financial plan in place, manage your expenses wisely, and invest in a diversified portfolio. It can potentially give you the life you dreamed of as a child, but it's not a guaranteed path to financial freedom. It's just the same on fiat that you've got full control of your asset without controlling the third party like central banks, that's only the advantage.

Mahanton

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Quote from: drwhobox on April 11, 2023, 06:13:13 PM

That really depends on where you are from and what is the amount that makes you rich in your country. But I don't think you can just retire and start living your life with that money. So in my opinion owning 1 btc doesn't make you rich, but if you have one bitcoin and other businesses where your money is flowing you can call yourself rich. By rich I mean you are richer than most of the people who don't have 1 bitcoin.

Each country does have their own economic condition or situation on which living would be particular depending on how much you do earn and how much you do possess.In speaking or describing about having financial freedom is something that do talks about owning a particular amount which it would be putting you up on a condition or situation on where you could buy anything you do want or like and able to live up without
having financial problems since you could buy everything. Its true that having 1 bitcoin wouldnt really be that sufficient unless if it would be going to 1M/coin
then it is something that could give out that kind of opportunity or chance.

drwhobox

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That really depends on where you are from and what is the amount that makes you rich in your country. But I don't think you can just retire and start living your life with that money. So in my opinion owning 1 btc doesn't make you rich, but if you have one bitcoin and other businesses where your money is flowing you can call yourself rich. By rich I mean you are richer than most of the people who don't have 1 bitcoin.

JoyMarsha

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

I came to know about Bitcoin as everyone here did it was from my friend. I was living as usual a life controlled by the government and its banks. I was not angry about my life, still I had the anger to be someone who can succeed.

I had somewhat good childhood but I always saw my parents struggling to get those fiat. It did saddened me as I saw my parents living a routine life and still did not enjoy it.

Now I know why they were always struggling to get the ends meet. I do not.know whether anyone here can relate to the same experience of my parents

When I understood the true potential of Bitcoin. I joined this forum as I am not someone who can spare the money required to invest for 1BTC.

So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?

# Please ignore my typo and spelling mistake.

Thanks!

You have to work hard to get successful in life. Many individual starts out poor. Those that are successful now didn't become successful overnight. To succeed, one must be diligent, patient, risk-taking, and persistent.

I'm not sure of the exact life you pictured for yourself when you were a child, but I do want to warn you that nothing worthwhile is ever simple. The easy and well-furnished life you dreamt of as a child wouldn't be that possible if you don't have the resources to actualize that. One way you can actualize that is by
taking that risk of investing hugely in bitcoin and hodl it for a long time but unfortunately, you don't have the resources(money) for investment

sunsilk

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Depending on where you live. Like for now if bitcoin's price is $30k and you're somewhere else living like in a third world country, that could be as good as it is but I don't think it will make you consider rich for this year.

It's truly possible to be financially free with bitcoin but as a starter, you shouldn't be thinking of that yet for now because it will require you a lot of time until you finally see it.

Well, being rich is subjective so that will give you your own description of being rich if you already have bitcoin.

Asiska02

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This depends on how much money you have and what you consider to be rich, such as being able to live a comfortable life. The amount of money you own in bitcoin and its equivalent value may differ in different countries, causing disparities in whether you consider yourself to be wealthy or not.

The equivalent amount of 1BTC in my country could make me rich and allow me to live a comfortable life for up to two to three years if I spend it wisely and not extravagantly, whereas that same money would not allow someone to live a comfortable life in a country like the US, where they are mostly affected by inflation.

Quote from: Bureau on April 11, 2023, 10:34:54 AM

So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?

Being financially free in the context of bitcoin is for you to be able to spend your money without any limitations, no strict regulations as to where to send money to and from where to receive money. If there’s anything that’s stopping you from spending your money in bitcoin, then the context of financial freedom in terms of bitcoin is being breached.

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?

So what is financial freedom means? Which means that you do have the money or finances which you could be able to sustain yourself in living without having the need of some work or day job.

Since we are talking about 1BTC on here which is equalled to $30k+ as of this moment, isnt this something that an amount could put you up into such situation? I dont think so.
Even if you do live on a 3rd world country, i dont see for these amounts to be something that would be enough on having that kind of condition.

Being rich is something that having the finances which is really that you do able to survive without having a job or whatsoever.

suzanne5223

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

When I understood the true potential of Bitcoin. I joined this forum as I am not someone who can spare the money required to invest for 1BTC.

So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom?

# Please ignore my typo and spelling mistake.

Thanks!

First I want you to understand that Bitcoin is not the answer to everything and it is your knowledge about it that will pave for your success.
Having said that, if you're not from a wealthy family it is easy to obtain a whole Bitcoin even some of the users of this forum who are into cryptocurrency for the past 6years don't have a whole BTC in their portfolio but it is always the dream of every Bitcoiner to hold 1BTC out of the 21 million coins.
That doesn't mean it won't be easy for you to obtain a whole BTC and like I said it all depends on your knowledge and technology skills.

Quote from: Bureau on April 11, 2023, 10:34:54 AM

What exactly does financial freedom means in context of Bitcoin?

From my understanding, it means Bitcoin will present you with the needed opportunity and it is your investment decision about BTC that will make you have enough funds.

dr.cheema

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Quote from: uneng on April 11, 2023, 03:26:58 PM

No, 1 BTC won't be enough to become rich. Imagine you don't have any properties and goods and that you have to build your entire financial life with just 1 Bitcoin. The maximum you will be able to acquire with that money is a house or a car. Then how are you going to get rich this way? From where are you going to get money to maintain a house or a car? How will you generate income for a living? A single Bitcoin isn't enough, even if you live on the poorest nation in the world, I suppose...

1 BTC is helpful as a powerful booster to start an investment thinking on your future, but it won't raise your financial class status. You need much more money in every cases!

It is true that having just one Bitcoin is not enough to become wealthy overnight. While Bitcoin has appreciated significantly in value over the years, its price is still subject to volatility and is influenced by a range of factors, including market demand, regulatory changes, and technological developments.
That being said, owning Bitcoin or other cryptocurrencies can be a valuable part of a diversified investment portfolio and may offer potential for long-term growth. As with any investment, it is important to do your own research, understand the risks involved, and seek professional advice before making any investment decisions.

Oasisman

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

Can owning 1 Bitcoin make you rich in 2023?

That surely depends on which country you are living. In a 3rd world country, 1 Btc means so much for a person living under a regular wage earner, but it would only last for a couple or more years if not put it into right business/investment.
1Btc for a progressive country doesn't mean that much due to the cost of living, but Btc could somehow reach to price range in the future where a person would be considered rich if he owns 1Btc. All the perspective I have mentioned above was only basing on the current Btc price.

CryptSafe

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

I came to know about Bitcoin as everyone here did it was from my friend. I was living as usual a life controlled by the government and its banks. I was not angry about my life, still I had the anger to be someone who can succeed.
I had somewhat good childhood but I always saw my parents struggling to get those fiat. It did saddened me as I saw my parents living a routine life and still did not enjoy it.
Now I know why they were always struggling to get the ends meet. I do not.know whether anyone here can relate to the same experience of my parents
When I understood the true potential of Bitcoin. I joined this forum as I am not someone who can spare the money required to invest for 1BTC.
So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?
# Please ignore my typo and spelling mistake.
Thanks!

OP i was wondering if you have really take out your time to study more about bitcoin as stated in your "context". I think if you do, you will really understand what you are into on this platform. If you are thinking of a get rich quick scene through bitcoin then i must say you will have to look for an alternative option because bitcoin ownership is not a bed of roses.

According to your topic, bitcoin price compared to other national currencies is sumptuous. I do not know where you are from so i can not tell about you but for some countries, it is very costly that BTC1 could get a lot of things for any holder. You can buy it in fractions as you can afford to and hold for a long term so that when the price of bitcoin appreciate in value, your invest appreciate as well.

TravelMug

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Quote from: Bureau on April 11, 2023, 10:34:54 AM

When I understood the true potential of Bitcoin. I joined this forum as I am not someone who can spare the money required to invest for 1BTC.

So, my question is can Bitcoin give a life that I dreamt as a child. Is it possible to gain financial freedom? What exactly does financial freedom means in context of Bitcoin?

It's really hard to say whether 1 bitcoin is enough for you to have financial freedom. For me financial freedom is that you can sustain your lifestyle and with that it really depends on how you are going to spend your money or your bitcoin. Maybe in the country that you live in, the cost of living is high that it won't be enough for you. Or if you have frugal lifestyle, maybe, but what if you have family to feed? So its up to you on how you are going to live with that 1 BTC in your wallet. There are so many factors in the equation to have that financial freedom that you dream of.

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